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Pro XRP Lawyer John Deaton critiques JPMorgan’s unexpected crypto move

JPMorgan

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TL;DR

  • JPMorgan Chase, under CEO Jamie Dimon, has been named an Authorized Participant in BlackRock’s Bitcoin Spot ETF.
  • This development marks a significant shift in JPMorgan’s stance towards cryptocurrencies, particularly Bitcoin.
  • Pro-XRP lawyer John Deaton has been vocal about the irony in JPMorgan’s new role, given Dimon’s past criticism of digital currencies.

 

Under CEO Jamie Dimon’s leadership, JPMorgan Chase has recently been named as an Authorized Participant (AP) in BlackRock’s Bitcoin Spot Exchange-Traded Fund (ETF). This development has sparked a flurry of discussions and reactions, particularly from figures in the cryptocurrency community, including pro-XRP lawyer John Deaton.

JPMorgan’s involvement in BlackRock’s ETF: A shift in stance

JPMorgan’s new role as an AP in BlackRock’s Bitcoin Spot ETF has caught many off-guard, especially given Jamie Dimon’s critical remarks about cryptocurrencies, particularly Bitcoin. BlackRock, a global investment giant, has revealed this association in its latest Securities and Exchange Commission (SEC) filing, marking a significant moment in the relationship between traditional finance and the cryptocurrency sector.

The revelation has led to intense scrutiny and comments from various corners of the crypto community. John E. Deaton, a renowned lawyer and a prominent figure in the XRP community, has been particularly vocal. He pointed out the irony in JPMorgan’s involvement with Bitcoin, considering Dimon’s historical skepticism and outright dismissal of cryptocurrencies. Deaton’s remarks underscore the perceived contradiction in JPMorgan’s stance, questioning the bank’s previous position on digital currencies.

Senior Bloomberg ETF Analyst Eric Balchunas has echoed the crypto community’s reaction. He highlighted the significance of JPMorgan’s inclusion as an AP alongside other major financial entities like Jane Street and Virtu. This development adds another layer to the evolving narrative of traditional financial institutions gradually embracing cryptocurrencies.

Popular crypto handles, such as Bitcoin Archive, have also weighed in, underscoring the contrast between Dimon’s earlier calls for a Bitcoin ban and the bank’s current involvement in the ETF. This shift in stance is further highlighted by figures like Dan Held and the handle Zerohedge, who have pointed out the stark difference between Dimon’s previous anti-Bitcoin rhetoric and the bank’s latest move.

Furthermore, Fox journalist Eleanor Terrett clarified the role of Authorized Participants. Her explanation illuminated their critical function as intermediaries in exchanging cash for ETF shares, offering insights into the importance of JPMorgan’s participation in BlackRock’s ETF proposal.

Implications for the financial and crypto sectors

This development raises several questions about the underlying motives behind Jamie Dimon’s and JPMorgan’s changing attitude towards Bitcoin and cryptocurrencies. As the SEC reviews BlackRock’s ETF proposal, the focus intensifies on how traditional financial institutions adapt to and potentially shape the cryptocurrency landscape’s future.

The crypto community, long critical of traditional banking’s skepticism towards digital currencies, is now witnessing a notable shift as major banks like JPMorgan take active roles in cryptocurrency-related ventures. This move could signal a broader convergence trend between the conventional financial sector and the burgeoning world of digital assets.

The involvement of JPMorgan in BlackRock’s Bitcoin Spot ETF, a notable divergence from Jamie Dimon’s earlier stance, has stirred significant discussion and analysis within the financial and crypto communities. This development reflects the dynamic and evolving relationship between traditional finance and the crypto world, heralding a potential new era of integration and cooperation between these two sectors.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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